Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.147%

Price spread now: MEXC against Coinbase International−0.285%7-day average −0.233% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.818%−$82 on $10k

Price spread, last 3 days (all we have)−0.065%−$7 · spread now −0.285%, 7d avg −0.233%

Together, before fees−0.884%−$88 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.052% cheaper against Coinbase International than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.233%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4564	0.0280	pay 0.0035% / 1h	33m 13s	$300K	$865K	50x
Short	MEXC ONDO_USDT	0.4551	0.0100	get 0.0050% / 4h	1h 33m	$47.8M	$44.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee MEXCbpOrdersPrice spread, now −0.285%Rate

Funding earned: −$37.8
Price spread: −0.285% → −0.233%: −$5.22
Slippage, 4 orders: −$34.81
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$87.83
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 50 min ago; MEXC: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Coinbase International live order book, 50 min ago	5.53 bp	12.7 bp −$13	68.1 bp −$681	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.10 bp	1.1 bp −$1	6.1 bp −$61	31.3 bp −$3,127	129.4 bp −$64.7K

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ONDOUSD	−0.0354%	1h	0.4546	−0.396%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4549	−0.329%	$26K	$396K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4549	−0.321%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4549	−0.329%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4557	−0.153%	$430K	$697K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4552	−0.258%	$730K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4548	−0.355%	$67.2M	$225.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4547	−0.372%	$74.1M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4546	−0.394%	$17.7M	$81.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4573	+0.193%	$74K	$86K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4557	−0.155%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4549	−0.329%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4551	−0.285%	$47.8M	$44.4M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4554	−0.219%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4551	−0.285%	$25.8M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4550	−0.307%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4565	+0.022%	$233K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4567	+0.065%	$778K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4559	−0.119%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4561	−0.068%	$428K	$938K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4555	−0.193%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4549	−0.329%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4548	−0.351%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4573	+0.197%	$133K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4546	−0.394%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4558	−0.124%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4549	−0.324%	$403K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4554	−0.227%	$44K	$8K	3x	as long as short
ApeX Omni ONDOUSDT	+0.0129%	1h	0.4560	−0.088%	$161K	$334K	50x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4569	+0.105%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.088%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0280%	1h	0.4564	long leg	$300K	$865K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4549	−0.329%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4561	−0.064%	$375	$2K	10x	as long as short
Hyperliquid ONDO	+0.0465%	1h	0.4560	−0.092%	$40.8M	$27.5M	10x	as long as short
Lighter ONDO	+0.0592%	1h	0.4556	−0.186%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0636% / S −0.0211%	1h	0.4549	−0.333%	$577K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4552	−0.255%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1976%	1h	0.4560	−0.079%	$258K	$130K	5x	as long as short